China to strengthen legislative efforts for high-quality economic development

BEIJING -- The Ministry of Justice said Friday that it would proactively enhance legislative efforts in key sectors to spur high-quality economic development and improve the macroeconomic governance system.

Aiming at building a unified national market and improving the business environment, the ministry has accelerated the process of revising the Anti-Unfair Competition Law in collaboration with relevant authorities, Jiang Shan, an official with the ministry, said at a press conference.

In addition, Jiang highlighted the endeavors to establish a sound legal and regulatory framework for resolving overdue payments owed to enterprises. In the meantime, the revision to the regulations aimed at safeguarding payment for small and medium-sized enterprises is underway.

To fend off and defuse the risks in the financial sector, Jiang said that the ministry will actively promote the revision of the law on the regulation of and supervision over the banking industry, and actively participate in the drafting of the financial law.

As for building new systems for a higher-standard open economy, the ministry and other relevant departments are considering revising the Foreign Trade Law and the Customs Law, to align with international high-standard economic and trade rules, as well as expand the opening-up, according to the official.